United States Congressional Serial Set (5616)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1910 edition. Excerpt: ...In return therefor each bank received a certificate from the trustees, with the stipulated agreement that it should receive thereafter a proper consideration for the amount advanced. Subsequent drafts were made upon the members, in proportion to their capital, as in the previous instance, for the purpose of defraying the cost of improvements, including the furniture and fixtures of the new building. The drafts in total amounted to three-tenths of i per cent of the respective capitals of the banks. In return for the amounts so advanced certificates were given as before. The bank building was properly altered and equipped for the transactions of the clearing house, and on June 17, 1875, the premises were occupied. Here the clearing house remained for the next twenty-one years. At a meeting of the association, April 20, 1892, the attention of the clearing-house committee was called to the probable necessity of securing before many years a larger and more commodious building for clearing-house purposes. As the result the committee was instructed to consider the matter and report. The same committee, in conjunction with the trustees, was authorized at a meeting on December 29, 1893, to acquire for use of the association the property known as 79 to 83 Cedar street and to sell the property on the corner of Pine and Nassau streets. A meeting of the association was held January 16, 1894, when it was unanimously resolved that the clearing-house committee be authorized to organize a corporation to take title to the property just purchased, to be known as the New York Clearing House Building Company; to draw upon all the banks represented, in proportion to their respective capitals and surplus, for all money needed to pay for the said property, and...